Monday, November 21, 2005

GM Daewoo Motors to Launch in Europe

South Korea's GM Daewoo Motors plans to launch four new models in Europe next year, aiming to reach annual sales of 500,000 cars by 2010 and further expand its market share to 3 percent.

The annual sales target for GM Daewoo's new sport-utility vehicle, slated for European market debut in June, is 15,000 units, Erhard Spranger, executive director of Chevrolet Europe said yesterday.

The SUV will be called the Captiva in Europe and both gasoline and diesel versions will be sold, Spranger said.

The schedule also includes the new Aveo compact (called Gentra in Korea) in January; the Avanda midsize (a replacement for the Magnus) in April; and the diesel engine Nubira, a five-door version of the Lacetti subcompact.

GM Daewoo cars, which outside Korea are sold under the Chevrolet badge overseas, currently command more than 1 percent of the European market. GM Daewoo expects this year's sales to be between 230,000 and 240,000 units.

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